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Electronic Chat with Sanjeev Kumar Chaudhry, Founder and CEO, Gigaforce

The SaaS-based Gigaforce platform connects parties within the claims/subrogation/collection/legal ecosystem effortlessly while securely integrating all data, documents, and processes in one place, thus providing a single source of truth which is AI/ML-enabled with smart contract execution and complete transparency using distributed ledger technology (DLT)/blockchain.

Please tell us when and why you founded Gigaforce.

Gigaforce was founded in June 2020. Very frankly, this is a COVID delivery. The insurance industry has undergone a big technology shift over the last five years. This industry has not seen this level of business and technology shift in last 50 years or so. Coming from Silicon Valley, I saw this change firsthand. 

Five years ago at a conference, I was asked about blockchain. I had no clue. Once I started reading about blockchain, I knew it was the space I wanted to be in. Blockchain will be the real Internet 2.0. Personally, I had worked in distributed transaction technology almost two decades back. I could see easy connections and its implementation in the insurance industry. Speaking with insurance industry CIOs, I kept hearing that although we have a hammer called blockchain, we are looking for a nail.

I took it upon myself to start discussing and education some of the C-level insurance executives and insurance visionaries. Considering all the features blockchain offered, we built a platform and picked Subro-Salvage as one of the beachhead applications on this platform.

If the questions is now, “Why blockchain?”, we ask, “Why not!” 

How does your professional background fit into your current role at Gigaforce?

I have been in the insurance industry for more than a decade. Before that, I was involved in management in the high-tech business world, both in the service and product space. Coming as one of the outsiders from a specific industry, I am able to bring the best technology solution to the insurance industry. And I feel the timing couldn’t be better.

Specifically, how does the product work and what technology do you employ for the platform?

The SaaS-based Gigaforce platform effortlessly connects parties within the subrogation process, including insurance companies, law firms, and third-party adjusters (TPAs), while securely integrating all data, documents, and processes in one place, thus providing a single source of truth and smart contract execution with complete visibility. The most Important part is that all this is done securely. The fact is, this is one of the most overlooked parts and is not on the radar of any CISO and CIO.

Gigaforce combines heterogeneous data, artificial intelligence (AI)-driven predictive models, specialized expertise, and customized services to create a next-generation subrogation solution that is right for any insurance organization. The Gigaforce platform increases efficiency and reduces cycle time through digital workflow and mobile technology, while improving business efficiency with machine learning (ML)-automated document redaction of protected health information (PHI) and personally-identifiable information (PII).

Using blockchain, Gigaforce delivers an unprecedented way to unify claims movement across different core and homegrown systems with result-driven analytics and dashboards to provide the transparency and 360-degree visibility necessary for quick recoveries. Gigaforce takes a complete advantage of Robotic Process Automation (RPA) to overcome in efficient process entrenched in the insurance ecosystem.

Please explain how the blockchain process works in relation to subrogation.

People need to understand that blockchain is not all about crypto or non-fungible tokens (NFT). This is a technology that can be used without crypto. This technology platform has so much to offer; the question is, why not use this technology for the solution that requires multiparty engagement, complex audits, time sensitivity, and transparency.

Blockchain provides a secure, shared mechanism for insurers to use to manage claims process and handle inter-carrier claims across their ecosystem, resulting in:

  • Enhanced efficiency and reduced costs through shared, distributed processing and data management
  • Increased speed of settlement, and fast money collection
  • Increased resilience through no single point of failure

How does the Gigaforce product meet the insurance industry’s subrogation needs in a way not offered by other insurtechs or services?

Our competitive advantage is, we are the only company that can give you an insight on claims to all the relevant parties on a real-time basis. It is like having a GPS on the claims and one of the most secure and transparent mechanisms.

Our patent pending process and technology can extract unstructured data insights used to discover fraud patterns and predict litigation at the onset. We can reduce loss expenses by 20-25%. Our anonymized data insights can be used within underwriting and actuarial to create better products beyond insurance for strategic partnerships. Today, many insurers use an outsourced claims processor where they pay a flat fee. The opportunity is to save on claims processing cost by classifying claims using AI so that the companies pay based on the complexity of the claim.

Claims are settled using smart contracts that streamline the verification of coverage and payment. Claims are filed and adjudicated using the coverage information recorded on the smart contract, thereby avoiding disputes and the need for additional reviews by claims adjustors.  

What are your plans for future growth?

The insurance industry is shifting to open technologies, open talent networks, and open information systems. Given this scenario, blockchain and smart contract solutions have the potential to fully automate insurance markets.  

Security, transparency, and scalability will be the topmost focus for product expansion. We will continue to expand in the B2B space and at some point will take advantage of the B2C space, too.

We see ourselves playing a role in in the insurance marketplaces with various solution and service providers. We do see an existence of various chains and their interoperability.

At some point, we would also like to go international along with reinsurance companies to provide an unprecedented visibility into a complete insurance ecosystem.


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